AsiaInfo Q1 2010 Profit Up 78% YoY
AsiaInfo PR, 5/04/10
Chinese telecom software solutions and IT security products and services provider AsiaInfo Holdings (Nasdaq: ASIA) has announced its financial results for Q1 2010, with total revenues up 24.5% YoY to reach USD 63.5 mln but down 16.8% QoQ.
Net income for the quarter reached USD 10.3 mln, up 77.59% YoY and down 25.36% QoQ.
The AsiaInfo Technologies business unit contributed 93.3% of total revenues in the first quarter, up 25.6% YoY and down 3.4% QoQ to USD 59.2 mln. The year-over-year increase in net revenue (non-GAAP) primarily reflects demand from all three telecom carriers in China and the steady inflow of contract tenders to upgrade and maintain existing installations.
The Lenovo-AsiaInfo business unit contributed 6.7% to total revenues in Q1 2010, up 10.4% YoY and down 71.7% QoQ to USD 4.2 mln. The year-over-year increase reflects a concerted effort to improve operations in this division. The sequential decrease was due to seasonality, as sales in the Lenovo-AsiaInfo business unit are typically strongest in the fourth quarter of each year.
AsiaInfo expects Q2 2010 net revenue (non-GAAP) to be in the range of USD 65 mln to USD 69 mln, an increase of 22% to 29% YoY.
To see AsiaInfo's full earnings report, please click here.
Keywords: guidance profit revenue telecom telecom software ASIA AsiaInfo Q1 2010 fiscal report
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